Feb. 22 -- Jiaozuo Wanfang Aluminum Manufacturing Co<000612>, which specializes in the smelting and processing of aluminum products, has announced plans to spend RMB 2.79 billion to build a power plant to solve the problems of power shortage for aluminum production, sources reported.
The plant, which is expected to be completed within two years, is designed to have two thermal power generating units each with an annual power output capacity of 300,000 kilowatts.
The company's annual output capacity is around 420,000 tons of aluminum, which is equivalent to consume 6 billion kWh of electricity. Dragged down by the power shortage, the firm cut the aluminum output capacity by 140,000 tons since last October.
The aluminum maker said it expects to produce more aluminum via the launch of the new plant, which may consume 1.9 million tons of coal per year.
Reportedly, Jiaozuo Wanfang Aluminum Manufacturing booked RMB 5.59 billion in operating revenue and RMB 116 million in net profit attributable to shareholders in 2010.